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Message
re: Bitcoin: the Stripe perspective
Posted on 7/21/14 at 10:45 pm to joshnorris14
Posted on 7/21/14 at 10:45 pm to joshnorris14
I maintain that bitcoin is a great lesson in Econ 101 about the definition of "money".
As a mechanism for settlement of payment, bitcoin offers certain advantages to those who are already conversant with the technology. But to the average consumer who just wants to fork over a buck to buy a hot dog on the street, bitcoin is meaningless. Credit cards are even a more imposing challenge now that mobile solutions such as Square are available.
In order for bitcoin to win widespread acceptance as a transaction medium, it must be as easy to use as a credit card for Kim Kardashian. She isn't going to spend two seconds thinking about blockchains. And she definitely doesn't want anonymity.
Now, the other definition of money - acting as a store of value. BC has basically been like a successful penny stock that way. It did quite well for those who believed in it but only God knows what will happen next.
Bitcoins are still a highly speculative asset. A legitimate one IMHO but with a long way to go.
As a mechanism for settlement of payment, bitcoin offers certain advantages to those who are already conversant with the technology. But to the average consumer who just wants to fork over a buck to buy a hot dog on the street, bitcoin is meaningless. Credit cards are even a more imposing challenge now that mobile solutions such as Square are available.
In order for bitcoin to win widespread acceptance as a transaction medium, it must be as easy to use as a credit card for Kim Kardashian. She isn't going to spend two seconds thinking about blockchains. And she definitely doesn't want anonymity.
Now, the other definition of money - acting as a store of value. BC has basically been like a successful penny stock that way. It did quite well for those who believed in it but only God knows what will happen next.
Bitcoins are still a highly speculative asset. A legitimate one IMHO but with a long way to go.
0
Posted on 7/22/14 at 9:26 am to GeeOH
quote:
Wrong...many come straight from the bank....and debit transactions...and checks, etc..
What in the frick are you talking about. Are you telling me that credit cards are actually debit cards?
Posted on 7/22/14 at 9:27 am to Broke
Chill, Broke. If you've followed that guy's posts on the Poli Board you'd know he's one log short of a cord with anything that takes intelligence.
Posted on 7/22/14 at 2:54 pm to LSURussian
I just want to make sure that he's calling a credit card a debit card.
Posted on 7/22/14 at 4:36 pm to Broke
He probably doesn't know the difference.
Posted on 7/22/14 at 5:39 pm to Poodlebrain
Bitcoin is the deep web of the internet.
It is useful to those who want to stay away from government intervention. As government intervention grows, more people will adopt.
It is useful to those who want to stay away from government intervention. As government intervention grows, more people will adopt.
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